Ann: Received ASX letter of 18 December 2019, page-67

Hi all,

The ASX changed their approach to cypto in the middle of 2019, the fact that the new policy meant that AB1 was in breach of listing rules is very unfortunate. The ASX just changed the rules mid game.

The ASX can do whatever they want, its their market and they make the rules with "absolute discretion".

And they abolished their appeals process about 3-4 years ago too, so you can't even appeal their decision.

Tough love huh.

The good news is the AB1 business is apparently a good one and trading well, so no doubt it will list on another exchange, my bet is one in canada. They are much more progressive on crypto.

The ISX approach on dealing with the ASX is an interesting one. No doubt ISX are also being treated unfairly like AB1. But in taking the ASX to court, they are arguing that becuase ASX make decisions which a public interest, their decisions should be subject to legal review in the courts. This is called the datafin principal and through legal challenges it has now been applied to the London Stock Exchange and other exchanges in common law countries. In short, no more "absolute discretion" for ASX they will become accountable for their decisions.

So if ISX is successful and the ASX is deemed to be subject to administrative law, then AB1 will be able to sue the ASX for damages because of this decision to delist AB1

But the catch is you guys will need to wait a few years before the ISX case concludes.

Be patient enjoy your Xmas break and good luck to all (private) holders !